Skyward Specialty Insurance Group, Inc. reported significant financial growth in its first quarter of 2025, with total revenues reaching $328.5 million, a 23.9% increase from $265.0 million in the same period of 2024. The company’s net earned premiums surged to $300.4 million, up 27.1% from $236.3 million year-over-year. Net income also rose to $42.1 million, compared to $36.8 million in the prior year, reflecting a 14.3% increase. Basic earnings per share improved to $1.05, up from $0.94, while diluted earnings per share rose to $1.01 from $0.90.
The company experienced notable changes in its operational metrics, with gross written premiums increasing by 16.7% to $535.3 million, driven primarily by strong performance in the agriculture and credit (re)insurance, accident & health, and specialty programs divisions. The net written premiums also saw a substantial rise of 19.6%, reaching $343.3 million. However, the loss and loss adjustment expense (LAE) ratio increased to 62.4% from 60.9%, attributed to higher catastrophe losses, particularly from severe weather events.
Strategically, Skyward Specialty has restructured its underwriting divisions to enhance operational efficiency and align with current market demands. The addition of a new division focused on Agriculture and Credit (Re)insurance reflects the company's commitment to addressing underserved markets. This restructuring is expected to improve resource allocation and performance evaluation across its nine underwriting divisions.
In terms of investments, the company reported total assets of $4.03 billion as of March 31, 2025, up from $3.73 billion at the end of 2024. The investment portfolio's fair value increased, with fixed maturity securities available-for-sale valued at $1.40 billion, compared to $1.29 billion previously. The company’s cash and cash equivalents decreased slightly to $112.9 million from $121.6 million, while short-term investments rose to $308.0 million from $274.9 million.
Looking ahead, Skyward Specialty remains optimistic about its growth trajectory, supported by its strategic initiatives and strong market position. The company anticipates continued premium growth and improved underwriting performance, although it acknowledges potential challenges from market volatility and claims activity. The management's focus on enhancing operational efficiencies and expanding into new markets is expected to bolster its competitive edge in the specialty insurance sector.
About Skyward Specialty Insurance Group, Inc.
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